You have come back from your holiday. To your surprise, you have some extra foreign currency left. Great news! But, what exactly can you do with it? You obviously can’t spend it here in the UK. A lot of people end up putting it in their drawer and forgetting about it. However, you have plenty of other options at your disposal. To ensure that you get the most out of the currency you have left. Keeping that in mind, read on to discover some of the various options you should consider. Along with some top tips for maximising value.
It All Begins Before Your Holiday – Buy-Back Guarantee
It is actually a good idea to think about this before you go on vacation. If you have just got back from your holiday then obviously this point will be of no use to you now. However, it is something that is worth bearing in mind for the future. There are several different factors you should think about. Firstly, if you were to use a prepaid international currency card, which allowed you to upload numerous currencies. You would have nothing to worry about. Read this for information on the best cards.
You could simply come back to the UK and use the card until you have no funds left. Or you can indeed keep the money for future use. Nevertheless, it is likely that you will want to carry some cash on you and therefore one imperative point you should consider is the buy-back guarantee.
When looking to exchange your UK pounds in the first place you will find that some travel money companies offer the buy-back guarantee. What does this mean? Well, essentially they will agree to buy-back your currency at the exact exchange rate you benefitted from initially. This minimises risk and guarantees a fair deal. Thus it is certainly something that is worth taking into account before you buy currency for your vacation in the first place.
Sell The Money To Someone You Know
If the first point does not apply, and you find yourself in a position where you have a wad of currency but no use for it. One option you may wish to consider is selling the money to someone you know. Ask your friends and family members whether they or anyone they know is likely to require the currency you have available. If you have a popular and widely used currency, such as euros. Then it is likely you will find a buyer. Not only will this be great news for you, but for your friend or family member. It will increase convenience and ensure everything is handled fairly.
Put Your Money In A Holiday Wallet
It is always a good idea to have a holiday wallet. Which needless to say is designed to keep all of your vacation funds. When you get back from your trip you can simply put the currency into the wallet that has been mentioned. And then you can use it when you next go on vacation.
When is this strategy recommended?
This is certainly an option that is not suitable for all. In order to benefit from this solution. You need to be sure that you are likely to need the currency again in the near future. Otherwise, you are just going to have money sitting there and being of no value to you. Aside from this, you also need to be in a position where you can afford to have money waiting around until you go on your next holiday. Not everyone has this luxury. Which is why this solution may need to be overlooked for some people.
Sell Your Currency Back
Last but not least, you could opt to sell your currency back. This is definitely the most popular and recommended option.
Some tips for selling your currency back successfully…
Secure exchange rate online
It is always a good idea to do a bit of research online when selling your currency back. As opposed to simply walking into your nearest branch. Most companies will allow you to set up the sale online and this definitely comes highly advised. However, you do need to be careful. Because whilst you will be quoted a rate on screen this may not necessarily be the deal you get when you visit the branch in question. It is vital to find a company that actually allows you to secure the exchange rate online so you can be sure that you will get a good offer
Set up a notification for the best rate
If you can afford to wait then it may pay to hold out for a better exchange rate. A lot of the best travel money companies offer a service where they send you a notification once the rate hits a predetermined rate that you have selected. You can then reap maximum value from selling your currency back.
Choose a travel company with care
It is important to make sure the travel company you select has a good reputation and is a credible company to sell your currency to. It is worth going for a company with a considerable degree of experience. You should also read reviews that have been left by previous customers. To get a good idea regarding the level of quality you are likely to benefit from. If the company has a bad reputation then this is something you should be able to pick up on with ease. After all, plenty of people will have taken to the Internet to express their views and warn other people from making the same mistake.
Make sure there is a branch nearby
There is nothing worse than securing a deal online only to discover you are going to have to travel halfway across the country to sell your currency. Thus, one of the first things you should do is make sure there is a branch near to your home so that it won’t cause much inconvenience for you.
Don’t overlook commission rates
Companies can often sting customers with high commission rates. This is where they make a lot of money and unfortunately, commission rates are often featured in the small print and therefore people aren’t always aware of them. Look for a business with a low commission rate. In fact, some of the best companies have 0 commission, which is of course always the greatest option.
Last but not least. In some cases, you will get a better deal for the more currency you sell. Because of this, it may be worth grouping together with other people from your vacation and selling your currency in one go if possible. Of course, this may be inconvenient and not something you feel comfortable doing. But, if you have gone on holiday with a big group of friends. Then it is definitely an option worth bearing in mind.
To conclude, you have many different options at your disposal when you come back from your vacation to discover that you still have some leftover currency. You will surely be able to find a solution that is suited to you out of all the different points that have been mentioned. Selling your currency is probably the first option to seriously consider. As this is where the real value lies.